Archive for live gold prices

December gold futures closed the week higher once again ending the gold trading session and the week at $1772.70 per ounce and pushing towards the $1800 per ounce region again. Friday’s trading session was relatively muted following Thursday’s surge higher with gold propelled upwards following the statement from Fed Chairman Ben Bernanke that a further stimulus of $40 billion per month would now be pumped into the US economy as QE3 was duly rolled out, much as expected. With further economic stimulus comes a weak dollar and as Hawkeye has been forecasting for some time, a bullish trend for gold, which along with other commodities such as silver and oil, has received a boost to current short term trends as a result.

Friday’s price action was in a narrow range, as the gold market paused for breath, with speculators and investors squaring their positions ahead of the weekend. Nevertheless, the daily trading volume on Friday was still high and with plenty of buying still in evidence, couples with solid buying on the three day chart, this trend has a long way to run yet.

From a technical perspective the next area to breach is the highs of $1802 per ounce, last seen back in February, and if we see this level broken, then gold prices are likely to continue to rise further. Indeed with the three day trend now bullish, and the Hawkeye Heatmap also remaining green, this is also confirming the bullish picture for gold in the short to medium term. The US dollar index daily chart is also adding further momentum, and with sustained dollar weakness now likely as the QE3 program gathers pace, expect to see gold futures and the price of gold continue to rise and develop a longer term trend, possibly to break above $2000 per ounce in 2013.

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The December gold futures contract closed the session at $1734.90 per ounce, reversing yesterday’s small pullback having just failed to breach the $1740 per ounce in the trading session. For the second day in succession we have now seen an “inside day” on the daily gold chart with gold prices trading within the magenta widespread bar of Friday which saw gold futures surge higher in much the same way as of the previous week.

This has now become a feature of the current bullish momentum with the price of gold moving sharply higher before pausing and then continuing its upwards journey. Since the breakout of late August, gold futures have looked increasingly bullish and with the recent weakness in the US Dollar this has given the precious metal further impetus and, in the next weeks, we can expect to see gold breach the $1800 per ounce price point. A price level last seen in late February this year.

As we can see on the gold chart the Hawkeye heatmap remains firmly bullish and with the 3 day trend also firmly green and strong buying volume in both timeframes the outlook remains hugely positive.Indeed, on Thursday this week commodities and gold, in particular, are likely to receive a further boost with FED Chairman Bernanke expected to fire the starting gun for a further round of quantitative easing. This should weaken the US dollar still further, as a result.

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The price of gold has paused for breath over the last few days following the sharp rise of last week, and with a holiday shortened week, the market has drifted sideways, as the December gold futures flirt with the $1700 per ounce level. Friday of course sees the monthly release of the Non Farm Payroll data, and with yesterday’s ADP suggesting a positive release, we could see a better than expected figure. However, over the last few months, the ADP figures have been some way off the mark, in forecasting the more significant NFP numbers, so no doubt the markets will be cautious ahead of the release. Of far more significance to the price of gold, will be the likely weakening of the US dollar, once a further round of quantitative easing is unveiled, and even one good set of numbers in the NFP release tomorrow, are unlikely to divert the Federal Reserve from it’s chosen path. If QE3 is released, as now seems certain, then we can expect to see gold prices climb further in due course, and re-test the $1800 per ounce level of late February earlier this year.

From a technical perspective, the outlook remains firmly bullish, with strong buying volume on the daily chart. However on the three day chart we can see that over the last three days have see white volume, or no demand volume in this timeframe, reflecting the temporary pause point in the price action, as we test the $1700 per ounce level. The daily trend remains firmly green, and with a bright green Heatmap, sentiment for gold remains positive in the short to medium term, and we can expect to see the current trend develop further before testing the underside of strong resistance in the $1740 per ounce area. A break and hold here should see gold move firmly higher and on towards the $1800 per ounce region towards the end of the year.

If you would like to see Hawkeye in action, please just click on the following link to join one of our Free live trading rooms – I look forward to seeing you there.

Gold futures surged higher on Friday with the December Comex contract ending the session and week at $1687.60, it’s highest level for over five months. Friday’s surge in the price of gold was largely triggered by weakness in the US dollar, which sold off during the trading session following the statement by FED chairman Ben Bernanke in which he hinted that the Federal Reserve were ‘ready to pull the trigger’ for a further round of quantitative easing. With this much vaunted stimulus for the US economy now virtually guaranteed, this will no doubt provide the catalyst for further gains in the gold price, with a consequent weakening in the US dollar as a result.

From a technical perspective the recent breakout on the daily gold chart gave a clear signal of the bullish sentiment, following the sustained period of sideways congestion which saw the precious metal trade in a narrow range throughout the summer. The breakout finally arrived on the 21st August, finally breaking and holding above the $1640 per ounce level, and with this strong platform now in place, gold looks set to build a sustained bullish trend over the next few months.

Hawkeye delivered a conservative Roadkill signal on the 24th August, as bullish volume on both the one day and three day charts, coupled with a bright green Heatmap and bullish trend on the three day chart, all combined to deliver an entry to the market. The only minor point to note is that selling volume entered the market on Thursday, followed by no demand volume on Friday, but this was almost certainly due to gold traders squaring their positions ahead of the three day weekend coupled with month end.

With the initial breakout now complete we can expect to see further bullish sentiment for the metal over the next few weeks, with an initial test of the resistance now in place at the $1720 per ounce level, which extends to $1760 per ounce. A breach of this level, should then see gold price move on to test the high of mid February at the psychological $1800 per ounce in due course.

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A hugely positive day for gold bulls today as the precious metal found some very strong momentum breaking through its recent sideways congestion. The strong platform of support in the $1520 per ounce price area provided the springboard and with the price of gold breaking through the psychological $1600 per ounce price point we can now expect to see gold continue to move strongly higher. However, gold will first need to re-test the strong resistance in the $1635 per ounce region which extends through to $1688 per ounce. In order to break through this region we need to see sustained buying on our Hawkeye charts which should then give the precious metal the necessary momentum to reverse its recent downwards trend. So whilst today’s strong move higher is a positive sign gold still has some technical obstacles to overcome.

From a fundamental perspective this move higher is hardly a great surprise given this week’s dismal performance by the markets which culminated in appalling non farm payroll numbers from the US earlier and yet more poor data in Europe. And all this against the ongoing shambles of the eurozone crisis. It is therefore no great surprise to see traders and investors simply give up and return to the ultimate safe haven that is gold.